What Is Wix Planning to Do With Deviant Art
NEW YORK, Feb. 23, 2017 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) has announced that it has acquired DeviantArt, i of the world'south largest online communities dedicated to artists, art enthusiasts and designers. The conquering represents inherent opportunities in key growth areas for Wix including production development, brand recognition and increased traffic potential.
Wix will provide DeviantArt users piece of cake admission to powerful tools specifically designed to help emerging artists create and showcase their creativity online and build their brands. At the same fourth dimension, Wix creatives and designers will accept access to DeviantArt's thriving community of tens of millions of visual artists. DeviantArt is consistently ane of the most visited websites worldwide and has grown organically for over a decade with nigh no investment in marketing or advertising. Currently, the community boasts over 325 million individual pieces of original art and more than 40 one thousand thousand registered members.
Wix and DeviantArt share a vision to provide designers and artists of all types a platform on which they can create, manage and showcase their work online, grow their audience and build their own global brands. Wix will provide technology and marketing expertise to the DeviantArt universe enabling its users to further their reach and increment engagement, both online and on mobile.
"Over its 16-year history, DeviantArt has built an impressive online community that is incredibly loyal, highly engaged and regularly produces stunning art and design," said Avishai Abrahami, Co-founder and CEO of Wix. "The DeviantArt customs is talented and robust and hungry for boosted product expertise. We understand their passion, share their creative vision and are excited to offering the power of the Wix platform to their millions of artists."
DeviantArt's focus on developing and fostering online collaboration and communities will provide Wix users a platform to appoint with creative designers and artists across multiple mediums. Together the companies will strive to create an innovative gallery for artists globally, mixing globe grade creative with unmatched opportunities for blueprint, brandish and distribution.
"We founded DeviantArt to enable the artistic spirit in everyone, creating a platform dedicated to the vision and talent of the community which could be shared with the world," said Angelo Sotira, Co-founder and CEO of DeviantArt. "This combined endeavor with Wix creates new opportunities for innovation never before seen on the Internet and an amazing super-charged offering to our customs members. Nosotros expect forward to being part of the Wix team, and nosotros are humbled past the respect and love they take shown to our customs."
As role of this acquisition, Angelo Sotira, Co-founder and CEO of DeviantArt, will join the Wix management squad. DeviantArt will proceed to foster its community from its headquarters in Los Angeles, and all of its employees will join Wix.
About the Acquisition
Through this transaction, Wix has acquired 100 pct of DeviantArt's capital stock in exchange for approximately $36 million in cash, including approximately $3 meg of assumed liabilities. As of December 31, 2016, Wix had $172 million in cash on its residuum sheet. The transaction closed on February 22, 2017, and will be recorded in Wix's kickoff quarter 2017 financial statements.
Financial Outlook
Upon this acquisition, Wix intends to invest in growing and enhancing the DeviantArt customs and platform, including its user feel on desktop and mobile products and the DeviantArt mobile app. Wix also intends to invest in the integration of the platforms in society to create incremental value for its users. These investments will include the addition of headcount in R&D and sales and marketing throughout the year. DeviantArt's existing business organisation will continue to operate and gain the benefit of this additional investment from Wix, calculation more value over fourth dimension.
As a upshot of this transaction, Wix is making the post-obit adjustments to its previous outlook for the full yr 2017:
- Increasing its acquirement outlook by approximately $viii million to $417 - $419 million
- Increasing its collections outlook by approximately $ix million to $461 - $467 million
- Investments in the platform are expected to decrease FY17 gratis cash flow outlook by approximately $8 1000000 to $63 - $64 million. This gauge reflects further investment in R&D and marketing, integration costs, employee retention bonus payments and other transaction related expenses
Wix maintains its outlook for the commencement quarter 2017 every bit the transaction's touch volition not exist fabric during this quarter. Wix will provide further detail on the transaction's impact when information technology reports its beginning quarter 2017 results.
Well-nigh Wix.com
Wix.com is a leading cloud-based spider web evolution platform with more than 100 million registered users worldwide. Wix was founded on the belief that the Net should be accessible to anybody to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, professionals and individuals to take their businesses, brands and workflow online. Wix ADI, the Wix Editor and a highly curated App Market enable users to build and manage a fully integrated and dynamic digital presence. Wix'south headquarters are in Tel Aviv with offices in Exist'er Sheva, San Francisco, New York, Miami, Berlin, Vilnius and Dnepropetrovsk.
Visit usa: on our blog, Facebook, Twitter, Instagram, LinkedIn, Pinterest and Google+.
Download: Wix App for free in Google Play and in the App Store.
About DeviantArt
DeviantArt was created to entertain, inspire, and empower the artist and fine art lover in all of united states of america. Founded in August 2000, DeviantArt is dwelling to over 40 million registered members worldwide and features an extensive platform used to exhibit, promote, and notice works and other members within a peer community. As the largest aggregator of creative talent on the Net, fueled by tens of thousands of daily submissions and reaching over 45 million monthly unique visitors, DeviantArt is one of the world'due south largest websites enabling participation in the arts at a scale never imagined in the traditional art world.
Visit us: on our blog, Facebook, Twitter, Instagram, and Google+.
Download: The DeviantArt Mobile App for free in Google Play and in the App Store.
Non-GAAP Financial Measures
Collections and free cash period (collectively the "non-GAAP financial measures") are non-GAAP financial measures. Collections represents the total greenbacks collected by u.s. from our customers in a given period and is calculated by calculation the change in deferred revenues for a particular period to revenues for the same period. Costless greenbacks menses is defined as net cash provided by (used in) operating activities less capital expenditures. The Visitor has not reconciled its guidance as to complimentary cash flow to net cash provided by (used in) operating activities because it does not provide guidance for net cash provided past (used in) operating activities. As items that impact net greenbacks provided past (used in) operating activities are out of the Company'south command and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to cyberspace cash provided by (used in) operating activities is non available without unreasonable effort.
The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accord with GAAP. The Company uses these not-GAAP fiscal measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Visitor believes that it provides useful information well-nigh operating results, enhance the overall agreement of by financial performance and future prospects, and allow for greater transparency with respect to fundamental metrics used past direction in its financial and operational decision making.
Forwards-Looking Statement
This printing release contains forward-looking statements, within the meaning of the safety harbor provisions of the Individual Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our futurity performance and may be identified by words similar "anticipate," "presume," "believe," "go along," "could," "estimate," "expect," "intend," "may," "programme," "potential," "predict," "project," "outlook," "future," "volition," "seek" and similar terms or phrases. The forwards-looking statements contained in this press release are based on management'southward current expectations, which are subject to dubiousness, risks and changes in circumstances that are hard to predict and many of which are outside of our command. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our power to grow our user base and premium subscriptions; our power to maintain and enhance our brand and reputation; our ability to realize the predictable benefits of the acquisition of DeviantArt; our ability to successfully integrate and operate DeviantArt; our ability to manage the growth of our infrastructure effectively; changes to technologies used in our solutions or in global, national, regional or local economic, business organisation, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the Company's 2015 annual report on Form twenty-F filed with the Securities and Commutation Commission on Apr 13, 2016. Any forward-looking argument fabricated by us in this press release speaks just as of the engagement hereof. Factors or events that could cause our bodily results to differ may emerge from time to fourth dimension, and it is non possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a event of new information, future developments or otherwise.
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Investor Relations:
Ryan Gee
Wix.com
[e-mail protected]
415-223-2610
Media Relations:
Vivian Hernandez
Wix.com
[email protected]
415-517-6539
SOURCE Wix.com Ltd.
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